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Financing Agreements - Pledged Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Non-agency MBS | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 357,400 $ 600,000
Carrying value 285,800 466,900
Asset Pledged as Collateral with Right    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 12,654,156 11,961,120
Accrued interest 32,200 27,000
Asset Pledged as Collateral with Right | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 7,276,303 7,658,024
Asset Pledged as Collateral with Right | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 90,091 115,326
Asset Pledged as Collateral with Right | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 5,287,762 4,187,770
Asset Pledged as Collateral with Right | Residential whole loans    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 8,743,501 8,764,343
Asset Pledged as Collateral with Right | Residential whole loans | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 7,230,840 7,605,654
Asset Pledged as Collateral with Right | Residential whole loans | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 90,091 115,326
Asset Pledged as Collateral with Right | Residential whole loans | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 1,422,570 1,043,363
Asset Pledged as Collateral with Right | Securities, at fair value    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 3,821,520 3,107,405
Asset Pledged as Collateral with Right | Securities, at fair value | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 0 0
Asset Pledged as Collateral with Right | Securities, at fair value | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 0 0
Asset Pledged as Collateral with Right | Securities, at fair value | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 3,821,520 3,107,405
Asset Pledged as Collateral with Right | Other assets: REO    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 89,135 89,372
Asset Pledged as Collateral with Right | Other assets: REO | Securitized    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 45,463 52,370
Asset Pledged as Collateral with Right | Other assets: REO | Non-Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements 0 0
Asset Pledged as Collateral with Right | Other assets: REO | Mark-to-Market    
Debt Instrument [Line Items]    
Fair value of securities pledged as collateral under financing agreements $ 43,672 $ 37,002